James,
If you don't own a timing light, then just loosen the distributor and keep playing with it until the RPMs are the highest they will go. This will at least get you in the right direction. But from your original post, it seems that it's running too lean. Make sure that your idle jets aren't clogged with varnish or gunk. Pull off the top of the carb and take them out and clean with carb cleaner and compressed air. Also, if they were originally set up for a 240, they will be lean on the 280, but not badly enough to prevent running.
Tim